Solana treasury bets gain traction as Japanese firm plans $10m buy

A Japanese gaming company has announced a new initiative to create a Solana treasury as the race for crypto adoption rises.

Japanese gaming firm Mobcast Holdings is the latest public company to dive into Solana treasury holdings, unveiling plans to invest in SOL. The company, listed on the Tokyo Growth Market, recently announced the launch of a dedicated “Solana Treasury Business” unit aimed at integrating SOL into its financial strategy.

According to Coindesk Japan, Mobcast intends to raise 1.4 billion yen (approximately $10 million) through a combination of equity and unsecured corporate bonds, allowing it to secure the funds needed for its planned SOL (SOL) purchases.

This dual financing model offers flexibility, with final issuance methods subject to market conditions and regulatory approval.

The company noted that incorporating Solana into its treasury is part of a broader plan to strengthen its financial foundation, enhance shareholder value, and maintain public listing standards. With Mobcast’s entry and broader adoption trends, Solana’s role as a corporate treasury asset is becoming harder to ignore.

Institutional interest in Solana treasury increases

Mobcast’s bid adds to a growing list of public companies making aggressive bets on Solana. Altogether, nearly 20 public companies have now established reserves holding the asset, collectively holding 17.80 million SOL, equivalent to 3.10% of the total supply.

The largest holders include Forward Industries with 6.822 million SOL and Sharps Technology with 2.14 million SOL. Other notable participants are Solmate (Brera Holdings), Upexi, and DeFi Development Corp.

This growing institutional interest signals Solana’s rising appeal as a treasury asset, especially among firms seeking to align with the crypto market’s future growth trajectory. 

Meanwhile, SOL has been on an uptrend over the past few days. At press time, the asset trades at $230, posting a 2% daily gain and up 18% on the week.